Artificial Intelligence (AI) in Fintech market is expected to show steady growth by 2028 due to the increasing demand for process automation among financial organizations |CAGR: ~30%| UnivData’s Market Insights

NOIDA, India, 3 October 2022 /PRNewswire/ — Following to a new report published by UnivDato’s Markets Insights, the AI in the Fintech Market is expected to grow at a CAGR of around 30% from 2022-2028. The analysis is segmented into Type (Service and Solution); Implementation (local and cloud); Application (chatbots, customer behavior analysis, business analysis and reporting and others); Region/country.

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https://univdatos.com/report/ai-in-fintech-market/

The AI ​​in fintech market report has been compiled by gathering informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report uses several analyzes to gain a closer view of AI in the fintech market. The AI ​​in fintech market report offers a detailed analysis of the latest industry developments and market trending factors influencing the market growth. Furthermore, this statistical market research archive examines and estimates the AI ​​in fintech market on a global and regional level.

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Market overview

Artificial intelligence (AI) in the fintech market is part of the data collection, the analysis of the data, the facilitation and securing of transactions, offering customer-centric modules and streamlining the process. It also provides better analytics, stronger security, virtual assistance, chatbot and insights. AI in fintech allows fintech organizations to predict customer behavior by collecting behavioral data. In recent times, AI in the fintech organization has witnessed a significant demand for AI technology in the fintech institution due to lower time consumption for the query and easier processing for spending money. Furthermore, the covid pandemic has changed the behavioral structure of both institutional organizations and customers and allows the organization to implement faster and more practical processes and drive the incorporation of AI in the fintech sector.

The story continues

AI in Fintech Market is expected to grow at a steady rate of around 30% due to the growing demand for fraud detection, virtual assistants coupled with easy transactions and chatbots for quick and instant query resolution. Large companies in the market offer continuously focus on innovative products using, among other things, machine learning, big data analysis and neural networks. In addition, the growing partnership between the industries is also driving the demand for AI technology in fintech organizations. For example, Activ.Ai and Talisma have partnered to provide an enhanced customer experience using a conversational AI-enabled chatbot in the BSFI sector.

Some of the major players operating in the market include IBM, Narrative Science, Amazon Web Services Inc., Microsoft, HCL Technologies, HP Enterprise Development LP, Intel Corporation, SAP SE, Salesforce Inc. and CISCO System.

COVID-19 impact

Due to travel restrictions and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt AI in the fintech industry. Supply chain execution, regulatory and policy changes, labor dependency, working capital management, and liquidity and solvency management are all major concerns for AI in fintech service providers. As the COVID-19 epidemic has subsided considerably by the beginning of 2021, many businesses are resuming operations. In addition, the pandemic has put an end to investment and research and development activities and affected the market negatively.

Click here to see the report description and table of contents

https://univdatos.com/report/ai-in-fintech-market/

The global AI in fintech market report is studied thoroughly with several aspects that will help stakeholders to make their decisions more curated.

• Based on type, the market is segmented into service and solution. The solutions segment is witnessing a significant CAGR during the forecast period and is expected to remain the same during the forecast period due to the use of AI and machine learning (ML) in banking and financial institution services to manage big data and generate significant insights from the collected data. The companies in the market focus on innovative and lucrative products and solutions for the user to increase the use of AI-enabled technology among users. For example in January 2022Temenos organization provider of enterprise software solutions for financial institutions and banks announced the first AI-powered buy now pay later solution on its own temenos banking cloud. However, the services segment is also witnessing a significant change in growth over the time period due to the increasing demand for AI-enabled services in the market such as credit rating and fraud detection among many others.

• Based on the rollout, the market is categorized into on-premises and cloud segments. The on-premise segment has shown significant market growth for the year 2021 and is expected to remain the same during the forecast period due to the enhanced security feature, greater flexibility for data management and providing better user-friendliness for the organization. The local distribution also results in a reduction in the overall operating costs and provides better security for the data as no third party is involved in the data collection, data analysis and data processing.

• Based on the application, AI in fintech market has been classified into chatbots, customer behavior analysis, business analysis and reporting and others. The chatbot segment is witnessing significant market growth in the year 2021 and is expected to remain the same during the forecast period owing to the ability to resolve the queries in a fraction of the time and the availability of the on-demand feature. The chatbots use automated scripts to solve the questions on their own. In addition, chatbots provide an easy communication channel between users and banks. For example, in the year 2020, one million new customers have been added by Bank of America after introducing its own chatbots.

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AI in Fintech Market Geographical Segmentation includes:

• North America (United States, Canadaand the rest of North America)

• Europe (Germany, Great Britain, Spain, Italy, Franceand the rest of Europe)

• Asia-Pacific (China, Japan, Indiaand the rest of Asia-Pacific)

• The rest of the world

North America is expected to grow at a significant CAGR during the forecast period. This is mainly due to the increasing research and development expenditure combined with the technological progress in AI, ML and big data analysis. Also, the growing number of start-ups and the growing number of companies in the region support AI in the fintech market, for example, according to a leading firm, Canada has approximately 700 fintech organizations with 18 found in the year 2020. Furthermore, the increasing investments from individual and institutional bodies will drive the market forward in the time to come. For example in March 2021HighRadius, a startup for AI-based products for fintech received USD 300 million in Series C financing.

The major players targeting the market include

Challenging landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The special team of research analysts sheds light on various characteristics such as global market competition, market shares, latest industry advances, innovative product launches, partnerships, mergers or acquisitions of leading companies in AI in the fintech market. The major players have been analyzed using research methodology to gain insight into global competition.

Key questions addressed through this analytical market research report include:

• What are the latest trends, new patterns and technological advancements in AI in the fintech market?

• What factors influence the AI ​​in fintech market during the forecast period?

• What are the global challenges, threats and risks in AI in the fintech market?

• What factors are driving and limiting AI in the Fintech market?

• What are the demanding global regions in AI in Fintech market?

• What will be the global market size in the coming years?

• What are the critical go-to-market strategies and guidelines used by global companies?

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AI in the Fintech Market Report coverage

About UnivDato’s Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence reports, customized for business research and primary research. Our research studies are spread across topics worldwide, we cover markets in over 100 countries using smart research techniques and agile methods. We offer in-depth studies, detailed analysis and customized reports that help shape winning business strategies for our clients.

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